topic Is amt considered a local tax. I don’t understand. in Get your taxes done using TurboTax

Is amt considered a local tax. I don’t understand.

juanitalg — Thu, 02 Apr 2020 01:31:14 GMT

Re: Is amt considered a local tax. I don’t understand.

AlanT222 — Thu, 02 Apr 2020 01:47:18 GMT

What is the Alternative Minimum Tax (AMT) in 2019?

As the name says, it's an "alternative" tax which we calculate behind-the-scenes, along with your regular federal tax. If the alternate method results in a higher tax than the regular method, you pay the difference on top of your regular tax.

Re: Is amt considered a local tax. I don’t understand.

hbl3973 — Thu, 02 Apr 2020 01:50:54 GMT

juanitalg,

The short answer is no.

AMT stands for Alternative Minimum Tax, a system put in place about half a century ago to ensure millionaires didn't end up paying little or no income tax because of various deductions and tax strategies. Most states also have an AMT. Only a small percentage of taxpayers have to worry about it, although TurboTax does the necessary calculations for every return.